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Gold Price Today: The price of yellow metal on Wednesday increased as a drop in the dollar and Sino-U.S. tensions helped to offset pressure from an increase in U.S. Treasury yields after hawkish comments from Federal Reserve officials on interest rate hikes, as per a Reuters report.
Spot gold was up 0.4% at $1,766.59 per ounce, as of 0309 GMT. On Tuesday, bullion rose to a near one-month high of $1,787.79 before closing down 0.6% on the day. Whereas Spot silver fell 0.2% to $19.91 per ounce. U.S. gold futures slipped 0.5% to $1,780.80 per ounce, said Reuters.
“Gold prices are steady amid weakness in dollar and bond yields since the Fed’s latest rate hike and pledge to further hikes to curb the inflation. Also, the recent development of US House Speaker Nancy Pelosi visit to Taiwan may escalate the tension between US and China, is supporting the gold safe-haven appeal. Gold may remain volatile this week ahead of OPEC meeting,” Ravi Singh, vice president and head of research, Share India, said.
Buy Zone Above – Rs 51,500 for the target of 51,800
Sell Zone Below – Rs 51,200 for the target of Rs 51,000
“Gold and Silver prices were modestly up in midday U.S. trading Tuesday and hit a nearly four-week high earlier, as some safe-haven demand is featured amid keener risk aversion in the marketplace today. were last up $4.80 at $1,782.60. futures were last down $0.152 at $20.215 an ounce,” said Amit Khare, AVP- Research Commodities of Ganganagar Commodity Limited.
“U.S.-China tensions are on the rise today as U.S. House Speaker Nancy Pelosi landed in and visited Taiwan Tuesday evening. China has vowed retaliation. Global stock markets were mostly lower overnight. U.S. stock indexes are mixed at midday,” he added.
“The key outside markets yesterday saw Nymex crude oil prices higher and trading around $94.75 a barrel. Traders are awaiting an OPEC meeting Wednesday. The U.S. dollar index is solidly higher at midday and did help to knock down the precious metals markets from their daily highs,” he further said.
Commenting on yellow metal’s behavior on Tuesday, Khare said “Gold and Silver showed negative movement on the 2nd August trading session, On the Multi-Commodity Exchange (MCX), October gold contracts closed down by 0.26% at Rs 51,382 for 10 grams. While September contract Silver futures closed at Rs 57,586 a kilogram, 1.27% down.”
He added, yesterday June Gold made a high of 51739 then made a low of 51320, And Silver made a low of 57936 then made a high of 58835. The overall chart structure is weak for bullion, So investors should book their long positions in bullions and risky traders can create fresh short positions near given resistance levels. Traders should focus on important technical levels given below for the day while trading :
October Gold closing price 51382, Support 1 – 51150, Support 2 – 51000, Resistance 1 – 51500, Resistance 2 – 51700.
September Silver closing price 57586, Support 1 – 57300, Support 2 – 57000, Resistance 1 – 57800, Resistance 2 – 58200.
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